Timeshare exchange closing costs

[kelly-marriott]

We exchanged one timeshare property (100% personal use) for another and got a credit for the entire initial purchase, which was reported on a 1099-S.  I found where to input on TurboTax premium, but do I enter the closing costs for the original property or the second property? 

thanks!

[ThomasM125]

You would enter the closing costs for the original property, as they are part of the cost, so you get credit for that against the sales proceeds reported on the Form 1099-S.

[Mike9241]

since the first is 100% personal use be careful. You are not allowed a loss deduction on the sale of personal assets. 

[kelly-marriott]

I am struggling to find the closing costs for the original property. I believe given what you said, I would not be able to deduct them regardless, so maybe not worth the effort to research and just leave as zero? 

[ThomasM125]

The closing costs would be deductible up to the point where they caused a loss on the sale of a personal use asset.

[kelly-marriott]

Thank you so much!  I get it now! Closing costs are $1250, so might as well take the small deduction.  Appreciate the clarification, this community is great!